Bitcoin Miner Ionic Digital Files Confidential S-1 for US IPO Following Turnaround Efforts

Ionic Digital Inc., the Bitcoin mining operation formed from the assets of Celsius Mining, confidentially submitted a draft registration statement with the SEC to go public in the U.S.

The timing and terms of the initial public offering have not yet been determined and will depend on the SEC’s review process as well as market conditions, the company said. The filing marks the latest step in Ionic Digital’s efforts to pursue a public listing roughly a year after it began reviving its IPO plans with a refreshed board and auditor in October 2024.

Ionic Digital was established in early 2024 as a rebrand of the mining assets of Celsius Mining LLC out of bankruptcy proceedings. The company has since worked to rebuild investor confidence and financial transparency to position itself for a public offering.

Last month, Ionic Digital reported its first full-year financial results, posting net income of $40.1 million on $138.4 million in Bitcoin mining revenue for the eleven months ended Dec. 31, 2024. Adjusted EBITDA reached $85 million, while the company held $271.8 million in combined cash and Bitcoin—2,393 BTC in total—at year-end.

Interim CEO Anthony McKiernan at the time described 2024 as a “transformational” first year, citing operational discipline and the goal of “delivering value-maximizing liquidity pathways” for shareholders—language widely interpreted as a reference to the company’s intention to list publicly.

Ionic Digital’s confidential submission was made under provisions that allow emerging growth companies to work privately with the SEC before releasing a formal prospectus.

The company’s IPO plans come amid a resurgence of Bitcoin mining firms exploring or reentering public markets, as sector valuations recover following the 2024 network halving and a broad investor shift toward miners with stronger balance sheets and diversified digital infrastructure strategies.

In a recent move that underscores its own diversification efforts, Ionic Digital announced a leasing deal in Texas with U.K.-based Nscale, an AI cloud provider spun out from bitcoin miner Arkon Energy. Nscale last month revealed a computing deal with Microsoft worth up to $14 billion to deploy over 100,000 Nvidia GB300 chips in Texas and Portugal.

In September, Ionic Digital had a realized hashrate of 7.72 EH/s.